INDIA: Bharti Wal-Mart suspends CFO, employees amid bribery probe
“Wal-Mart and Bharti have suspended a few associates pending the outcome of the investigation,” the retailer said
Bharti Wal-Mart has suspended a number of its employees, one of which is understood to be its CFO, while it investigates alleged violations of US anti-bribery laws.
A spokesperson for Bharti Wal-Mart confirmed the move today (23 November) and said the company is "committed to conducting a complete and thorough investigation".
"Wal-Mart and Bharti have suspended a few associates pending the outcome of the investigation," the spokesperson said. "It would be inappropriate for us to comment further until we have finished the investigation."
It is understood the the Indian joint venture of Wal-Mart Stores has suspended five employees in total, including CFO Pankaj Madan, as part of an ongoing global investigation by the US retail giant against alleged corrupt practices, Reuters reported. Four of the employees are understood to be from Bharti's legal team.
According to the publication, Wal-Mart last week opened internal inquiries or investigations into bribery allegations in Brazil, China and India, following an earlier probe in Mexico. Indian authorities are also investigating claims the retailer violated foreign exchange rules when it invested $100m in a domestic unit owned by its wholesale joint-venture partner.
India's government finally allowed foreign direct investment in the country's retail sector in September after a number of delays. Indian opposition parties and the Congress party-led coalition government had opposed the move that would allow retail giants like Wal-Mart into the sector. Opponents believe greater foreign investment will hit domestic operators, particularly smaller, traditional outlets.
Opposition politicians demanded a debate and vote on the policy decision when the Indian parliament opened for its winter session yesterday, Reuters noted, threatening to halt parliamentary proceedings.
Wal-Mart, despite having built its empire on large format “big box” stores and hypermarkets, will shift gear and seek to expand in the US through small format supermarkets, such as its Walmart Neighbo...
Food Retail in Brazil industry profile provides top-line qualitative and quantitative summary information including: market size (value 2007-11, and forecast to 2016). The profile also contains descri...
US breakfast cereal group Post Holdings kicks off a relatively quieter week of results with its half-year numbers on Monday. On Tuesday, meat giants Marfig and JBS will report on how it fared in the f...
Food Retail in Canada industry profile provides top-line qualitative and quantitative summary information including: market size (value 2007-11, and forecast to 2016). The profile also contains descri...
The report provides a review and understanding of mergers and acquisitions (M&As), capital-raising, partnering deals, and agreements entered into by retail companies during September 2012...
- On the move: What's in store from Tesco's new CEO?
- On the money: Can Premier build H2 sales momentum?
- Focus: Lindt plays safe with Russell Stover buy
- Interview: Bell hits out at German cartel ruling
- Focus: Progress but Campbell faces questions
- UPDATE: Premier establishes international unit
- Campbell issues warning on 2014/15 fiscal year
- S&A Foods announces restructure, 55 jobs to go
- Premier launches Oxo pots range in UK
- Universal Robina to buy biscuit firm Griffin's